CHAPTER 27 / 55 · Paid
Management company and qualified-trustee-only.
Follow the full management company and the qualified-trustee-only shop. A nominee approval is a different paper.
Approx. 18 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
How this family is grouped
Follow the full management company and the qualified-trustee-only shop. A nominee approval is a different paper. Each code below is its own shop: a first file, a week, the asks that need a different paper, then the letter. A quieter label is not a thinner file.
FS-3.1A Management Licence
FSC · FS-3.1A · Licence
1. Harbour MC Ltd’s shop
Harbour MC Ltd is the desk this chapter is for. A company whose main activity is to set up, administer, manage and provide nominee and other services to Global Business Licence corporations (and related services listed in section 77), including corporate trusteeship and acting as registered agent for Authorised Companies as the directory’s variable-fee rows describe.
The first file on the desk is this. Harbour MC Ltd administers 120 GBL companies, acts as registered agent for 40 Authorised Companies, and provides corporate trusteeship. FS-3.1A, with each variable-fee limb checked against the 31 December count.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Financial Services Act 2007, Section 77. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not the qualified-trustee-only management licence (FS-3.1B), not a nominee-company approval (FS-3.2), and not the Global Business Licence of the client.
Third, the assumptions stay in the file. Fictional counts. Cut-off 20 September 2026.
Financial Services Act 2007, Section 77. See the register note · Open the published text ↗.
2. A week with An MC administering 120 GBLs
Monday. The promoter walks in with “An MC administering 120 GBLs.” Write the facts before anyone names a code: Harbour MC Ltd administers 120 GBL companies, acts as registered agent for 40 Authorised Companies, and provides corporate trusteeship.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. A company whose main activity is to set up, administer, manage and provide nominee and other services to Global Business Licence corporations (and related services listed in section 77), including corporate trusteeship and acting as registered agent for Authorised Companies as the directory’s variable-fee rows describe.
Wednesday. They record what this permission is used for. FS-3.1A, with each variable-fee limb checked against the 31 December count.
Thursday. They write what the letter does not cover. The MC licence is not the clients’ GBL or AC permission. An MCSP practice note is no longer the framework after CL20260309.
Friday. They lock the assumptions. Fictional counts. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what FS-3.1A is used for. The Act matters when Harbour MC Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An MC administering 120 GBLs
Harbour MC Ltd administers 120 GBL companies, acts as registered agent for 40 Authorised Companies, and provides corporate trusteeship.
Why it fits. FS-3.1A, with each variable-fee limb checked against the 31 December count.
Different paper
The same promoter asks for the qualified-trustee-only management licence (FS-3.1B)
The slide says the FS-3.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The MC licence is not the clients’ GBL or AC permission. An MCSP practice note is no longer the framework after CL20260309.
Different paper
The same promoter asks for nominee-company approval (FS-3.2)
The slide says the FS-3.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The MC licence is not the clients’ GBL or AC permission. An MCSP practice note is no longer the framework after CL20260309.
| The promoter asks Harbour MC Ltd to… | This licence? | Why |
|---|---|---|
| An MC administering 120 GBLs | Yes | FS-3.1A, with each variable-fee limb checked against the 31 December count. |
| The same promoter asks for the qualified-trustee-only management licence (FS-3.1B) | No | Keep the neighbouring paper off this desk. The MC licence is not the clients’ GBL or AC permission. An MCSP practice note is no longer the framework after CL20260309. |
| The same promoter asks for nominee-company approval (FS-3.2) | No | Keep the neighbouring paper off this desk. The MC licence is not the clients’ GBL or AC permission. An MCSP practice note is no longer the framework after CL20260309. |
4. Papers that sit beside this one
Not the qualified-trustee-only management licence (FS-3.1B), not a nominee-company approval (FS-3.2), and not the Global Business Licence of the client. Name the other desk when the work changes: the qualified-trustee-only management licence (FS-3.1B); a nominee-company approval (FS-3.2); the Global Business Licence of the client.
- the qualified-trustee-only management licence (FS-3.1B)
- a nominee-company approval (FS-3.2)
- the Global Business Licence of the client
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A management company. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Directory processing 700 and fixed annual 6,800, plus variable bands by number of Category 1 / GBL entities administered (0 / 6,000 / 8,000 / 10,000), plus 5,000 where corporate trusteeship was provided on 31 December of the preceding year, plus Authorised Company registered-agent bands (0 / USD 4,000 / 5,000 / 6,000). Status at cut-off: Published corporate-and-trust-service-provider category.
Who may hold it. A management company. Historical directory wording still counts “Category 1 Global Business Licence” entities for variable fees — read that as the current GBL population unless the live schedule says otherwise.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. FS-3.1A criteria. Premises, officers, compliance and systems are section 77 substance, not a GBL. Circular CL20260309 addresses managed corporate service providers converting to a full MC.
Rules, codes and circulars. CL20260309 (MCSP conversion and revocation of practice notes). CL20261009 (10 September 2026) extends the GBC authorised-bank-signatory transitional period under the Updated Guidelines for Management Companies paragraph 9.2. CL20260107 for fees.
6. How to cite FS-3.1A
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | FS-3.1A Management Licence |
| Legal nature | Licence |
| Enabling law | Financial Services Act 2007 · Section 77 |
| Fees as at 1 July 2026 | Directory processing 700 and fixed annual 6,800, plus variable bands by number of Category 1 / GBL entities administered (0 / 6,000 / 8,000 / 10,000), plus 5,000 where corporate trusteeship was provided on 31 December of the preceding year, plus Authorised Company registered-agent bands (0 / USD 4,000 / 5,000 / 6,000). Read the current First Schedule for currency and bands. CL20260107 applies to renewal. |
| Status at cut-off | Published corporate-and-trust-service-provider category. Category 1 wording in the fee table is historical labelling. |
The structured library card keeps the same coordinates for search. Open FS-3.1A in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteFinancial Services Act 2007 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteFSC Circular Letter CL20260309 — managed corporate service providers ↗Register noteFSC Circular Letter CL20261009 — authorised bank signatory transitional period ↗Register noteFinancial Services Act — Global Business and Authorised Company overlay ↗Register note
FS-3.1B Management Licence (Qualified / Corporate Trustee only)
FSC · FS-3.1B · Licence
1. TrusteeOnly Ltd’s shop
TrusteeOnly Ltd is the desk this chapter is for. A narrower management licence limited to qualified / corporate trustee work.
The first file on the desk is this. TrusteeOnly Ltd will act as qualified trustee of Mauritius trusts and will not administer a book of GBL companies. FS-3.1B.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Financial Services Act 2007, Section 77. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not FS-3.1A, not TAC-1.1 (qualified trustee other than a management company), and not the trust itself.
Third, the assumptions stay in the file. Fictional company. Cut-off 20 September 2026.
Financial Services Act 2007, Section 77. See the register note · Open the published text ↗.
2. A week with A trustee specialist MC
Monday. The promoter walks in with “A trustee specialist MC.” Write the facts before anyone names a code: TrusteeOnly Ltd will act as qualified trustee of Mauritius trusts and will not administer a book of GBL companies.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. A narrower management licence limited to qualified / corporate trustee work.
Wednesday. They record what this permission is used for. FS-3.1B.
Thursday. They write what the letter does not cover. Not TAC-1.1 (that is a non-MC qualified trustee). Not FS-3.1A administration of GBLs.
Friday. They lock the assumptions. Fictional company. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what FS-3.1B is used for. The Act matters when TrusteeOnly Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A trustee specialist MC
TrusteeOnly Ltd will act as qualified trustee of Mauritius trusts and will not administer a book of GBL companies.
Why it fits. FS-3.1B.
Different paper
The same promoter asks for FS-3.1A
The slide says the FS-3.1B letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not TAC-1.1 (that is a non-MC qualified trustee). Not FS-3.1A administration of GBLs.
Different paper
The same promoter asks for TAC-1.1 (qualified trustee other than a management company)
The slide says the FS-3.1B letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not TAC-1.1 (that is a non-MC qualified trustee). Not FS-3.1A administration of GBLs.
| The promoter asks TrusteeOnly Ltd to… | This licence? | Why |
|---|---|---|
| A trustee specialist MC | Yes | FS-3.1B. |
| The same promoter asks for FS-3.1A | No | Keep the neighbouring paper off this desk. Not TAC-1.1 (that is a non-MC qualified trustee). Not FS-3.1A administration of GBLs. |
| The same promoter asks for TAC-1.1 (qualified trustee other than a management company) | No | Keep the neighbouring paper off this desk. Not TAC-1.1 (that is a non-MC qualified trustee). Not FS-3.1A administration of GBLs. |
4. Papers that sit beside this one
Not FS-3.1A, not TAC-1.1 (qualified trustee other than a management company), and not the trust itself. Name the other desk when the work changes: FS-3.1A; TAC-1.1 (qualified trustee other than a management company); the trust itself.
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A company licensed under section 77 for trusteeship only. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Directory processing 700 and fixed annual 6,800. Status at cut-off: Published category as at 1 July 2026.
Who may hold it. A company licensed under section 77 for trusteeship only. Trusts Act qualified-trustee status still has to match the Trusts Act definition.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Same form family as FS-3.1A on the directory; the limitation “qualified / corporate trustee only” is the licence condition that matters.
Rules, codes and circulars. CL20260309 is about conversion to a full MC; a trustee-only MC is not automatically FS-3.1A. CL20260107 for fees.
6. How to cite FS-3.1B
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | FS-3.1B Management Licence (Qualified / Corporate Trustee only) |
| Legal nature | Licence |
| Enabling law | Financial Services Act 2007 · Section 77 |
| Fees as at 1 July 2026 | Directory processing 700 and fixed annual 6,800. Variable GBL-administration bands that belong to a full MC do not attach merely because the numbers look similar — read the schedule line for FS-3.1B. |
| Status at cut-off | Published category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open FS-3.1B in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteFinancial Services Act 2007 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteFSC Circular Letter CL20260309 — managed corporate service providers ↗Register noteTrusts Act 2001 — Laws of Mauritius (Version 3) ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- FSC Circular Letter CL20260309 — managed corporate service providers ↗ Regulatory policy on MCSPs; revocation of Practice Notes; conversion to a full management licence · Register note
- FSC Circular Letter CL20261009 — authorised bank signatory transitional period ↗ Extension of the transitional period under Updated Guidelines for Management Companies paragraph 9.2 · Register note
- Financial Services Act — Global Business and Authorised Company overlay ↗ Global Business Licence and Authorised Company categories; read with Companies Act Part XXIX · Register note
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